Qatar seeks to promote sustainable development, says Sheikh Ahmed

Qatar, an active partner in global trade and a key regional and global economic player, is seeking to promote sustainable development, which will benefit both Qatar and its partners on the economic level.This was announced by HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani at the International Products and Exhibition Conference (IPEC), which got underway in Doha yesterday.He said participating countries, which represent a market of 400mn people with significant purchasing power, have traded goods and services worth over $1tn with the rest of the world.The IPEC 2018 kicked off with the participation of politicians, entrepreneurs, businessmen and government officials from Turkey, Tunisia, Algeria, Morocco, Iran, Oman, Kuwait, Azerbaijan, Tajikistan, Jordan and Pakistan.“The total trade volume between Qatar and participating countries is estimated at $5.5bn,” he said, hinting at the promising potentialities, especially in view of robust growth trajectory of the country despite an unjust economic blockade. Quoting the latest report released by the World Bank, he said Qatar’s real gross domestic product is expected to grow 2.8% in 2018.“Qatar’s economy has made significant gains which demonstrate that the country has not only weathered the blockade, but was also able to turn a new page and open up to new markets,” he said.Qatar’s foreign trade has also shown remarkable growth, increasing by 16% in 2017, while total exports increased by 18%, which resulted in a surplus of 49% in the trade balance.The minister expressed hope in the development of bilateral trade agreements, considering that Qatar and participating countries are bound by agreements concluded within the framework of the Gulf Co-operation Council (GCC) and the Arab League, namely within the framework of the Greater Arab Free Trade Area.Qatar could also capitalise on its agreements on economic and trade co-operation and the promotion and protection of mutual investments in addition to the Commercial Corridor Agreement between Qatar and Turkey through Iran, as well as the Trade and Economic Partnership Agreement between Qatar and Turkey.“Qatar offers promising investment opportunities to its trading partners after modernising its legislative and legal structure to welcome investors and provide facilities and incentives to facilitate access the Qatari market within the framework of a healthy, attractive and friendly investment environment,” he said.Sheikh Ahmed noted that the government has also endeavoured to develop free zones and modernise laws and regulations, which led to Qatar’s ranking in the first place in the Arab world on the 2018 Global Entrepreneurship Index, issued by the Global Entrepreneurship and Development Institute 2018.